Finance Ministry asked to make monitoring system effective

ISLAMABAD (APP) - The Public Accounts Committee of the National Assembly on Tuesday directed the Finance Ministry to make monitoring system more effective and further streamline their mechanism for releasing funds to various departments and ministries.
The PAC meeting, chaired by the Opposition Leader in NA Chaudhry Nisar Ali Khan was held here in the Parliament House to review audit reports of Finance Ministry, Prime Minister Secretariat and Staff, Household and Allowances of the President for the year 2005-06.
The PAC directed the concerned officials to contact Interior Ministry for placing the name of former KPT Chairman Admiral (R) Ahmad Hayyat on ECL for committing irregularities and not appearing before the PAC besides repeated notices.
The PAC expressed concern over prices of petroleum products and summoned additional secretary of petroleum ministry, officials of gas companies and other stakeholders in next meeting regarding prices of petroleum products.
The PAC chairman said the prices of petroleum products had reduced considerably at the international market but the government reduced the prices only from 20 to 25 per cent.
Reviewing the audit reports of Aiwan-e-Sadr and Prime Minister Secretariat, the PAC panel observed that discretionary funds of President should be limited and it should be under a specific framework. These funds were misused during Musharraf era, it observed.
An audit report revealed that a sum of Rs 60.69 million was embezzled in National Saving Scheme.
The official apprised the PAC panel that five officials of National Saving Renala were involved in the scam and were dismissed after inquiry. Three accused were released on bail, one died during custody while another is behind the bars. NAB is looking into the matter.
The committee stressed for taking concrete steps to recover the money.
Reviewing the audit report of House Building Finance Corporation, the committee directed for making categories regarding loan recovery.
The meeting was attended by MNAs Zahid Hamid, Mir Riaz Hussain Pirzada, Sardar Ayaz Sadiq,Yasmeen Rehman, Asia Nasir, Nadeem Afzal Chan, Hamid Yar Harraj and officials of concerned ministries and Audit Department.